Shares of RigNet Inc (NASDAQ:RNET) have been given a consensus rating of “Hold” by the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $17.00.
A number of equities research analysts have issued reports on the company. ValuEngine lowered RigNet from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. BidaskClub lowered RigNet from a “sell” rating to a “strong sell” rating in a research report on Monday, May 14th. Finally, Wells Fargo set a $15.00 price objective on RigNet and gave the company a “hold” rating in a research report on Thursday, March 8th.
RNET stock traded down $1.00 during trading on Friday, reaching $11.80. The company’s stock had a trading volume of 58,850 shares, compared to its average volume of 36,266. RigNet has a 1 year low of $11.50 and a 1 year high of $19.50. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a market capitalization of $228.50 million, a PE ratio of -16.62 and a beta of 0.93.
RigNet (NASDAQ:RNET) last issued its quarterly earnings results on Tuesday, March 6th. The Wireless communications provider reported ($0.21) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.06). RigNet had a negative return on equity of 13.83% and a negative net margin of 9.38%. The business had revenue of $56.81 million during the quarter, compared to analysts’ expectations of $51.00 million. sell-side analysts forecast that RigNet will post -0.64 EPS for the current fiscal year.
In other news, Director Charles Louis Iv Davis sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, March 28th. The stock was sold at an average price of $13.45, for a total transaction of $161,400.00. Following the completion of the transaction, the director now owns 28,313 shares in the company, valued at $380,809.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of RigNet by 0.5% during the fourth quarter. BlackRock Inc. now owns 870,221 shares of the Wireless communications provider’s stock valued at $13,010,000 after purchasing an additional 4,459 shares in the last quarter. Wells Fargo & Company MN grew its position in RigNet by 30.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock worth $307,000 after acquiring an additional 4,749 shares in the last quarter. Ramsey Quantitative Systems purchased a new position in RigNet in the fourth quarter worth about $102,000. SG Americas Securities LLC purchased a new position in RigNet in the fourth quarter worth about $110,000. Finally, Renaissance Technologies LLC grew its position in RigNet by 1.8% in the fourth quarter. Renaissance Technologies LLC now owns 586,600 shares of the Wireless communications provider’s stock worth $8,770,000 after acquiring an additional 10,100 shares in the last quarter. Hedge funds and other institutional investors own 86.34% of the company’s stock.
RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.
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